Energy Stocks Weaken

March 22, 2017Erin Murphy

Energy stocks were drifting lower on Wednesday, with the NYSE Energy Sector Index sinking about 0.5% while shares of energy companies in the S&P 500 also were down almost 0.5% as a group. Crude oil for May delivery was down 40 cents at $47.80 per barrel while April natural gas futures were 6 cents lower today at $3.04 per 1 million BTU.

In company news, American depository shares of Petroleo Brasileiro SA (PBR) advanced Wednesday after the state-owned energy major better know as Petrobras reversed a net loss in its prior quarter during the final three months of 2016, prompting at least one analyst upgrade today.

The company earned about BRL2.51 billion, or about $812 million, during the three months ended Dec. 31, compared with a net loss of BRL16.46 billion loss during the July-to-September period and also beating the BRL2.06 billion consensus of three analysts polled by Capital IQ.